IFCI files writ petition against AAFIR order on Raunaq Automotive

Raunaq Automotive Components Ltd has announced that inspite of Rehabilitation Scheme, duly approved by Hon’ble BIFR vide its order dated March 11, 2004, its further clarifications dated September 01, 2004 and ratification by Hon’ble AAFIR dated June 22, 2006, IFCI Ltd has filed a Writ Petition against the order of Hon’ble AAFIR for conversion of Zero Rate Term Loan (ZRTL) of Rs 175 lacs into equity shares of the company. In case of conversion of ZRTL into equity shares of the company, the equity base of the company will increase to that extent.

Source : Equity Bulls

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